Core Viewpoint - The surge of electrolyte companies going public in Hong Kong is driven by industry dynamics and capital opportunities, reshaping the competitive landscape of lithium battery exports [1] Group 1: IPO Trends and Market Dynamics - Leading electrolyte additive company Huasheng Lithium announced plans for an H-share issuance and listing on the Hong Kong Stock Exchange, marking a significant event in the industry [2] - Since the second half of 2025, major players like Tianci Materials, Xinzhou Bang, and Shida Shenghua have also disclosed plans for IPOs in Hong Kong, indicating a collective push [2] - The easing of IPO regulations and the need for financing in the context of industry transformation have created a favorable environment for these listings [3] Group 2: Industry Growth and Financial Performance - The global electrolyte market is expected to experience explosive growth in 2025, with shipments projected to exceed 2.3 million tons, and Chinese companies holding over 90% market share [3] - Tianci Materials forecasts a net profit of 1.1 to 1.6 billion yuan for 2025, representing a year-on-year increase of 127.31% to 230.63% [3] - The average price of lithium iron phosphate electrolytes surged from 19,000 yuan per ton at the beginning of the year to 35,000 yuan per ton, indicating a structural reversal in the industry [3] Group 3: Global Expansion and Financing Needs - Major battery companies like CATL and Guoxuan High-Tech are accelerating overseas expansion, creating a pressing need for financing among electrolyte material companies [4] - The construction of overseas bases in countries like Hungary and Morocco requires substantial long-term funding, making IPOs in Hong Kong a necessary option [4] Group 4: Differentiated Strategies Among Companies - Tianci Materials aims to use 80% of its IPO proceeds to support global business development, particularly in establishing a lithium-ion battery material integration base in Morocco [7] - Shida Shenghua plans to focus on collaborative projects across the entire supply chain, while Xinzhou Bang seeks to enhance its international brand influence through the IPO [7] - Huasheng Lithium's IPO strategy is centered on niche market breakthroughs, with funds directed towards expanding production capacity and R&D for additive materials [7] Group 5: Impact on Competitive Landscape - The IPO wave is expected to significantly impact the lithium battery supply chain, driving demand for upstream materials and enhancing the global competitiveness of Chinese electrolyte companies [8] - The financing from IPOs will likely widen the gap between leading companies and smaller firms, as top players accelerate technological development and capacity expansion [8] - This trend marks a shift from "product export" to "capacity and technology export," fostering global collaboration within the lithium battery industry [8] Group 6: Future Outlook - The electrolyte industry is poised for high-quality development, supported by ongoing investments in technology and the establishment of overseas production capacities [9] - The Hong Kong capital market will provide continuous funding support, enhancing corporate governance and international operational capabilities [9]

2025年，涨价题材成为市场核心主线之一。 受供需格局重构、产业升级、政策引导等多重因素影响，国内产业呈现"结构性涨价"特征。 一方面，高景气赛道涨幅突出：锂电池产业链核心材料价格飙升数倍，存储芯片市场迈入超级景气周 期，有色金属板块指数年内累计涨幅突破85%...... 与此同时，化工、煤炭、建材等行业以"反内卷"破局，通过自律减产、主动调价等举措优化供需结构。 多个细分品种厂商联合推进价格修复，以期实现量利双升。 锂电池产业链：供需紧平衡引爆涨价潮 2025年，受储能需求爆发等多重因素催化，锂电池产业链核心产品价格强势上涨。 作为电解液核心溶质的六氟磷酸锂表现尤为抢眼，价格从2025年7月底不超过5万元/吨一度飙升至12月 的17万元/吨。12月30日，上海有色数据显示，电池级碳酸锂价格已触及11.8万元/吨的高点；12月26 日，碳酸锂市场在连涨多日后迎来标志性突破，主力合约盘中站上13万元/吨关口。 不仅如此，另一重要材料磷酸铁锂在多日价格高企后，出现了头部厂商减产检修与集体挺价的现象。锂 电池电解液关键溶剂碳酸乙烯酯（EC）、添加剂VC（碳酸亚乙烯酯）、FEC（氟代碳酸乙烯酯）价格 也纷纷回暖，保持 ...

证券研究报告·公司研究简报·电池 2025 年 12 月 22 日 证券分析师 曾朵红 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 华盛锂电（688353） 国内电解液添加剂龙头，拓展硫化锂等新领 域，竞争力持续向上 买入（上调） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 525.03 | 504.90 | 797.17 | 2,899.01 | 4,108.02 | | 同比（%） | (39.09) | (3.83) | 57.89 | 263.66 | 41.70 | | 归母净利润（百万元） | (23.91) | (174.67) | (51.11) | 1,063.43 | 1,752.39 | | 同比（%） | (109.17) | (630.50) | 70.74 | 2,180.57 | 64.79 | | EPS-最新摊薄（元/股） | ( ...

Core Viewpoint - Taihe Technology plans to advance the industrialization of several downstream products once it obtains land planning permits, indicating a strategic focus on expanding its production capabilities in the chemical sector [2] Group 1: Planned Products and Capacities - The company aims to produce 80,000 tons per year of chloroacetyl chloride as a downstream product of acetyl chloride [2] - It plans to manufacture 20,000 tons per year of trichloroacetyl chloride [2] - The production of 20,000 tons per year of zinc chloride, which will consume hydrochloric acid, is also on the agenda [2] - The company intends to produce 10,000 tons per year of fluoroethylene carbonate (FEC), an electrolyte additive [2] - Additionally, it plans to industrialize 20,000 tons per year of lithium bis(fluorosulfonyl)imide (LiFSI), a new type of electrolyte [2]

报告导读： 电解液添加剂是改善电解液性能、提升电池综合表现的关键添加物，虽占比仅5%-10%，却决定着电池的能量密度、循环寿命与安全边界。近年来，我国新 能源汽车、储能产业爆发式增长，带动电解液出货量从2019年的19.8万吨激增至2024年的147万吨，2025年预计达167万吨，行业规模快速扩张。政策层面， 国家出台多项文件支持技术创新与绿色低碳发展，为添加剂行业筑牢政策基础。市场规模上，中国主导全球市场，2024年国内规模达71.89亿元，2025年因 价格大涨有望突破85亿元，VC、FEC等核心产品量价齐升。细分市场中，VC、FEC分占42%、28%份额，但新型添加剂需求增速将超VC。需求端，动力、 储能、消费电子"三足鼎立"，驱动行业持续增长。竞争格局上，头部企业凭借技术壁垒与垂直整合主导市场，华盛锂电、天赐材料等加速产能扩张与全球化 布局。未来，行业将向技术高端化、产业链一体化演进，适配新型电池场景的添加剂研发与国产替代成为核心方向。 基于此，依托智研咨询旗下电解液添加剂行业研究团队深厚的市场洞察力，并结合多年调研数据与一线实战需求，智研咨询推出《2026-2032年中国电解液 添加剂行业市场供需 ...

Core Insights - The electrolyte additive industry is crucial for improving electrolyte performance and enhancing battery overall performance, despite accounting for only 5%-10% of the total electrolyte volume [1][5] - China's electrolyte additive market is expected to grow rapidly, with shipments increasing from 198,000 tons in 2019 to 1,470,000 tons by 2024, and projected to reach 1,670,000 tons in 2025 [1][9] - The domestic market size for electrolyte additives is anticipated to reach approximately 7.189 billion yuan in 2024, with a potential to exceed 8.5 billion yuan in 2025 due to rising prices [1][10] Industry Overview - Electrolyte additives are defined as minor components added to electrolytes to enhance electrochemical performance, improve cathode deposition quality, or boost overall battery performance [2] - The additives can be categorized into six functional types: film-forming, flame-retardant, high/low-temperature modification, overcharge protection, conductivity, and water/acid removal [3][4] Policy Support - The Chinese government has introduced multiple policies to support the development of the electrolyte additive industry, including guidelines for energy electronics and new energy vehicle battery recycling [5][6] Industry Chain - The industry chain is well-defined, with upstream raw materials like ethylene carbonate and fluorides, midstream manufacturing focusing on functional additives, and downstream applications in electric vehicle batteries, energy storage, and consumer electronics [6][7] - The rapid growth of the new energy vehicle and energy storage sectors is a key driver for the entire industry chain [6][7] Current Development Status - The demand for electrolyte additives is accelerating towards composite, functional, and high-performance products, with domestic production rates for conventional additives like VC and FEC exceeding 90% [9][12] - The market for electrolyte additives is expected to experience a significant price increase, particularly for key products like VC and FEC, driven by supply-demand dynamics [9][10] Competitive Landscape - The industry is characterized by high concentration, with leading companies like Huasheng Lithium Battery and Tianci Materials leveraging technological barriers and vertical integration to dominate the market [11][12] - Companies are focusing on expanding production capacity and entering global supply chains to enhance competitiveness [11][12] Future Trends - The electrolyte additive industry is expected to evolve towards high-end technology, concentrated competition, and integrated supply chains, with a focus on developing new multifunctional additives [12][13] - The differentiation in downstream demand for power and energy storage batteries will drive the product structure towards customization and high added value [14]

Company Overview - Zhejiang Yongtai Technology Co., Ltd. was established in 1999 and listed in 2009, headquartered in Taizhou, Zhejiang Province. It is a global leader in fluorine fine chemicals manufacturing, covering both inorganic and organic fluorochemical industries [2]. - The company has multiple production bases in Zhejiang, Inner Mongolia, Fujian, and Guangdong, with sufficient existing, under-construction, and planned capacities to support future core business growth [2]. Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of CNY 402,835.11 million, a year-on-year increase of 20.65%. The net profit attributable to shareholders was CNY 3,255.39 million, marking a turnaround from losses [3]. Lithium Battery Materials - Current production capacities for lithium battery materials include: - Electrolyte: 150,000 tons/year - Solid-state lithium hexafluorophosphate: 18,000 tons/year - Liquid lithium bis(fluorosulfonyl)imide: 67,000 tons/year - Vinyl carbonate (VC): 5,000 tons/year (with an additional 5,000 tons/year entering trial production on November 17) [3][4]. - Fluoroethylene carbonate (FEC): 3,000 tons/year [3]. Cost and Competitive Advantage - The company has advantages in the fluorochemical and lithium battery materials sectors due to its long-standing expertise, vertical integration, and continuous process optimization, enhancing production efficiency and cost control [4]. Market Demand and Pricing - The VC market is currently active with strong demand, and the company plans to release new VC production capacity in an orderly manner based on market needs [5]. - Recent price increases for lithium hexafluorophosphate and VC are attributed to structural changes in supply and demand, with future price trends remaining uncertain due to various influencing factors [6]. Research and Development - The company is engaged in R&D for solid-state battery materials, focusing on lithium supplement agents that enhance battery life and energy density, applicable across various battery systems [8]. - Collaboration with Fudan University is progressing well, with the establishment of a joint venture, Shanghai Yongtai Xinfeng New Materials Co., Ltd., to industrialize lithium supplement technology [9]. Future Development Plans - The company will continue to focus on three core business areas: lithium battery materials, pharmaceuticals, and plant protection. Plans include: - Enhancing the one-stop procurement platform for electrolyte materials and improving product competitiveness through innovation [10]. - Expanding the pharmaceutical product portfolio in cardiovascular, diabetes, antiviral, and digestive system areas [10]. - Exploring applications for fluorinated liquid products in emerging fields such as liquid cooling data centers and energy storage management [10].

Core Viewpoint - Yongtai Technology's subsidiary is set to begin trial production of lithium battery additives, enhancing its production capacity and competitive position in the lithium materials sector [1] Group 1: Production and Capacity Expansion - Yongtai Technology's subsidiary, Inner Mongolia Yongtai Chemical Co., Ltd., has received approval for a trial production plan for a project with an annual capacity of 5,000 tons of lithium battery additives, set to commence on November 17, 2025 [1] - The production of the electrolyte additive product VC (Vinylene Carbonate) will increase to 10,000 tons per year, strengthening the company's scale advantages in the lithium battery materials sector [1] - The project is expected to bolster the company's market position and overall competitiveness in the lithium materials industry [1] Group 2: Financial Performance - In the first three quarters of 2025, Yongtai Technology achieved a revenue of 4.028 billion yuan, marking a year-on-year increase of 20.65%, and a net profit attributable to shareholders of 32.55 million yuan, indicating a turnaround from previous losses [2] - The company reported a revenue of 1.419 billion yuan in the third quarter of 2025, reflecting an 18.3% year-on-year growth, although it recorded a net loss of 26.25 million yuan, which represents a 79.42% reduction in losses compared to the previous year [2] - The improvement in profitability is attributed to price increases of products like VC, driven by structural changes in supply and demand dynamics [2] Group 3: Market Trends and Stock Performance - The price increase of products is linked to a dynamic balance formed by structural changes in both supply and demand, with sustained growth in the downstream power and energy storage markets [2] - The stock price of Yongtai Technology rose significantly, from 8.94 yuan per share at the beginning of 2025 to a peak of 33 yuan per share by November 18, 2025, representing a maximum increase of 269.13% [2]

Core Insights - The electrolyte additive market is experiencing a significant recovery, with prices of key additives like Vinylene Carbonate (VC) and Fluoroethylene Carbonate (FEC) rising, indicating a new economic cycle [1][2] Market Dynamics - Demand for electrolyte additives is driven by rapid growth in energy storage and power battery sectors, influenced by macro policies and supply-demand changes [1] - The price of VC surged to 77,500 CNY/ton on November 12, a 63% increase from 47,500 CNY/ton on September 1, due to supply shortages caused by equipment failures at major producers [2] - The price of electrolyte additives had been stable around 50,000 CNY/ton for the past two years before this recent surge [2] Supply Constraints - The production of VC involves high-risk chemical processes, making it difficult for second and third-tier manufacturers to expand capacity due to strict environmental and safety regulations [2] - Recovery of production for VC takes over three months, and establishing new capacity can take up to a year [2] Future Market Outlook - The energy storage market in China is expected to see a year-on-year growth rate exceeding 50% by 2025, with a market size surpassing 500 GWh, which will drive demand for VC and FEC [3] Company Expansion Plans - Leading companies are expanding production in response to rising prices and supply constraints. For instance, Fujian Fuxiang Pharmaceutical plans to increase VC production capacity to 10,000 tons/year by 2026 [4] - Zhejiang Yongtai Technology's subsidiary has received approval for a project that will increase its VC production capacity to 10,000 tons/year [4] Industry Sentiment - The rise in raw material prices reflects an increase in the overall health of the new energy sector, indicating significant growth potential in market demand [5]

Core Viewpoint - Fuxiang Pharmaceutical has established a production capacity of 8,000 tons of Vinyl Carbonate (VC) and approximately 4,000 tons of Fluorinated Ethylene Carbonate (FEC) annually, with stable operations and a projected 28% year-on-year increase in lithium battery electrolyte additive shipments for 2024 [2] Group 1 - The company has achieved a scalable production capacity of 8,000 tons for VC and about 4,000 tons for FEC [2] - Monthly production will be adjusted based on market demand and customer orders [2] - The production lines are currently operating stably [2] Group 2 - The expected shipment volume for lithium battery electrolyte additives in 2024 is 6,525 tons, reflecting a 28% increase compared to the previous year [2]